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  3. 7.3 aspenstar, inc. has a claim of 58 million agai

7.3 Aspenstar, Inc. has a claim of 58 million against it. As of 12/31/2023. Aspenstar...

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7.3 Aspenstar, Inc. has a claim of 58 million against it. As of 12/31/2023. Aspenstar considers it probable. that if will lose 57 miltion the claim. After the 2023 year-end, but before issuance of the financial statements, Aspenstar settled the litigation for $7.5 milion. on the 12/31/2023 balance sheet, Aspenstar should accrue a contingent liability of: A. $8 million. B. 57.5 million. C. $7 million. D. So. 7.4GK, Inc. has the following outstanding litigation claims against it: A claim of $100,000. GK thinks it is probable it will lose the claim, and estimates the loss at $75,000 if it occurs. - A claim of $10,000. GK thinks it is reasonably possible it will lose the claim, and estimates the loss at $8,000 if it occurs. GK should accrue a contingent liability of: A. $110,000 B. $100,000 C. $83,000 D. $75,000

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